State to reduce unemployment taxes for 2014

Friday, August 30, 2013 2:34 PM

Iowa businesses will see a reduction in unemployment taxes next year that will collectively save them approximately $104 million, Iowa Workforce Development announced this morning.The agency said it will move from Tax Table Five to Tax Table Six, a change that moves the average unemployment tax rate from 2 percent to 1.6 percent for 2014. The change, which marks the third consecutive year for positive improvement in the rate, demonstrates the continued improvement in Iowa's economy, Workforce Development Director Teresa Wahlert said in a release. Iowa's unemployment rate in July was 4.8 percent, compared with 5.5 percent in July 2012.